When you are working, it is likely that you handle your debt with a steady income stream. You may have to budget and make payments on a regular basis; you may even incur additional interest costs if you can’t pay a bill in full. However, if you make your payments on time each month and monitor your spending, you can maintain your credit rating for future credit needs.

All that changes when you retire, and there may be a reduced income stream.

If your retirement savings for are used to service debt, you are basically borrowing from your future self who may need that income down the road.

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